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Chapter 13 vocab

TermDefinition
Inflation Increase in the general level of goods and services
Technological Unemployment caused by technological developments or machines
Base Year serving as a point of comparison for other years in a price index or other statistical measure
GDP Gap Difference between what the economy can and does produce
Demand-pull Inflation Explanation the prices rise because all sectors of the economy try t buy more goods and services than the economy can produce
Consumer Price Index Series used to measure price changes for a representative sample of frequently used consumer items
Seasonal Unemployment caused by annual changes in the weather of other conditions
Cyclical Unemployment directly related to swings in the business cycle
Price Index Statistical series used to measure changes in the price level over time
Stagflation Period of slow economic growth coupled with inflation
Implicit GDP Index used to measure price changes in GDP
Cost-Push Inflation Explanation that rising input costs especially energy and organized labor, drive uo the price of products
Out sourcing Bring outside firms to perform non-core operations to lower operating costs
Labor Force Non-institutionalized part of the population, aged 16+ either working or looking for a job
Econometric Model Mathematical expression used to describe how the economy is expected to perform in the future
Civilian Labor force Non-institutionalized part of the population, aged 16+ either working or looking for a job
Hyper Inflation Inflation in excess of 500% a year
Creeping Inflation Relatively low rate of inflation, usually 1-3% annually
Discomfort Index Unofficial statistic that is the sum of the monthly inflation and unemployment rates
Unemployment Rate Percentage of people in the civilian labor force who are classified as unemployed
Unemployed Working for less than 1 hour per week for pay or profit in a non-family owned business
Price Producer Index Index used to measure prices received by domestic producers
Structural Unemployment caused by a fundamental change in in the economy
Misery Index Unofficial statistic that is the sum of the monthly inflation and unemployment rates
Marjet Basket Representative selection of goods and services used to compile a price index
Deflation Decrease in the general level of prices for goods and services
Frictional Unemployment involving workers changing jobs or waiting to go to new ones
Created by: 17reidani
 

 



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